Students applying for student Visa (F1) need to show sufficient funds to the US Embassy to prove that they have enough finance to cover their tuition and living costs during their stay in the US. Even if the student has received an offer letter confirming his/her admission from a particular university, the student is still required to provide financial documents to obtain a student visa, failing which the student will not be granted the study visa.
Once the student’s admission is accepted, the student will receive an I-20 from the university/college, which will be needed to apply for a student visa (F1 Visa). The I-20 carries the student’s personal details, the university’s information, program of study and financial details of the course. This piece of document contains information like approximate cost of study, duration of the course and the student’s fund requirement along with any scholarship offered to the student. The financial information mentioned in the I-20 is used as a reference of how much minimum funds the student is required to show at the US embassy at the time of visa application.
Almost all countries require financial documents to understand the financial ability of the student, and hence, here is a list of documents students must compile and carry at the US embassy to avoid any last-minute hassles.
1. Bank Statement
Colleges require students to prove that their parents/guardians have sufficient funds to support their tuition cost and living expenses and thus must submit a bank statement of either their parents or guardians as a proof. Most institutions require international students to show their ability to pay fees and living costs for one year. However, some institutions may ask for proof for more than one year.
2. Fixed Deposits or Provident Fund
Students can also show Fixed Deposits or Provident Funds with sufficient funds as financial proof.
3. Loan Sanction Letter
Many students apply for education loans to study abroad. Students whose loans are approved will be issued a ‘Loan Sanction Letter.’ Such students must carry their Loan Sanction Letter issued by bank authorities as proof of financial support.
4. Scholarship or any other Financial Aid
Students who have received any scholarship or financial aid to manage their tuition fees can demonstrate the same as proof as it supports their education expenses. However, students must submit the official letter of receipt of the scholarship showing the amount of scholarship received along with the name of the funding organization.
It is to be noted that all institutes only accept liquid assets for financial proof i.e., the assets that can be easily converted to cash.
Minimum fund requirement while applying for student Visa (F1) depends on the total financial expenses mentioned in I-20. The financial information mentioned in the I-20 would include the tuition fee and average living expenses, and all international students must prove the maximum funding amount which is more than the one mentioned in I-20. Ideally, you must show 1.5 times more than the expenses stated in the I-20. Nonetheless, if you cannot show the extra, you must have the minimum funding amount as mentioned in the I-20. Also, a very important point to be noted is that the shown funds must remain in the bank account for at least two months after the visa approval.